An apparatus for determining a distance between a first borehole and a second borehole is provided that in one embodiment includes a rotating magnet on a tool configured for placement in the second borehole for inducing magnetization in a magnetic object in the first borehole, a first coil and a second coil placed radially symmetrically with respect to an axis of the tool, the first coil providing a first signal and second coil providing a second signal responsive to a magnetic flux resulting from the magnetization in the magnetic object in the first borehole, and a controller configured to combine the first signal and the second signal and determining distance between the first borehole and the second borehole using the combined signal.